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AGM Update: Solid Start; Encouraging Progress in US
研报英文原文证据摘录
AGM Update: Solid Start; Encouraging Progress in US
EUROPE | Beverages
Fever-Tree EquityJuneResearch9, 2026
FLASH NOTEAGM Update: Solid Start; Encouraging
RATING BUYProgress in US
PRICE 751.00p^
Reassuring update ahead of AGM later today, confirming a solid start to the
year with the company on track to deliver in line with market expectations. PRICE TARGET | % TO PT 1,080.00p | +44%
US is seeing early traction with increased distribution and account wins; we 52W HIGH-LOW 1,020p - 711p
see the TAP partnership providing a significant uplift in scale and execution FLOAT (%) | ADV MM (USD) 75.0% | 3.35
capability, whilst also de-risking the supply chain and driving higher quality MARKET CAP £872.7M | $1.2B
of earnings. Extension of SBB is LSD earnings-accretive. Cal 27E P/E 22.6x TICKER FEVR LN ^Prior trading day's closing price unless otherwise
noted.
What's new? Ahead of the AGM today, the company has issued a brief trading update. Key
takeaways: (1) Solid start to the year; (2) On track to meet consensus expectations - Vis Alpha
consensus F26 sales £402m and EBITDA £50m. No conf call. Jeff view: This is a reassuring
update on current trading with early traction in the US; extended SBB is worth LSD to EPS.
Shares should be gently better, in our view.
US market - partnership progressing well. Moving from integration to growth. After a
transition year in 2025, the business is shifting to growth. The business is leveraging TAP's
distribution network, with new account wins, driving increased distribution and momentum
through the year. Investment has stepped up with the first national US marketing campaign in
April, encompassing TV, digital, e-commerce, and a nationwide sampling initiative. This aligns
with the US selling calendar (spring reset into summer).
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